Abstract
The relevance of the topic is driven by the intensification of environmental challenges, including climate change, depletion of natural resources, and loss of biodiversity, which necessitate a transition to a sustainable development model. The article examines the impact of green financing instruments on the dynamics, structure, and sustainability of environmental investments in Kazakhstan. The aim of the study is to assess the influence of green financing mechanisms on investment activity in key environmental sectors of the economy. The hypothesis suggests that the expansion of green financing instruments contributes to the growth of environmental investment volumes; however, it does not guarantee their stability under conditions of institutional and economic constraints. The methodological framework of the study is based on statistical and comparative analysis of data for Kazakhstan covering the period 2018-2022, as well as the generalization of selected elements of international practice. The results reveal uneven dynamics of environmental investments: periods of growth alternate with decline, indicating insufficient institutional stability of the financing system. Key barriers to the development of green financing are identified, and directions for enhancing its role in ensuring stable and balanced investments in Kazakhstan’s environmental sector are substantiated.